Registered: 1101777014 Posts: 4,492
Reply with quote #1
With Wednesday's NYSE breadth numbers showing a 5:1 positive bias at 13:40, if this plurality holds up into the close, we will have a confirmed breakout above the intermediate term declining tops line on the NYAD line (see below). Looking around at the cumulative charts at this juncture, if we again close at or near the numbers seen as of this writing, the BETS indicator will close with a number within the range of -20 to -10 which would put it in a neutral reading (up from last weekends -55).
Taken together then, along with the divergent trending underlying strength of money flow over the last week as measured by the McClellan Oscillator, this would be enough solid evidence to where the market can now breakout of its trading range to the upside, and with it, the October 3rd and 4th lows would fit within the time line of a correctional bottom as suggested by the McClellan Summation Index back in July. Because of this, it's now suggested that all bearish positions be exited and a neutral stance be taken until more technical information is available to where any new intermediate to longer term positions (long or otherwise) might be considered moving forward. Fib __________________ Dave's LinkedIn Profile Technical Watch Twitter Page Technical Watch Facebook Page "As for it being different this time, it is different every time. The question is in what way, and to what extent" - Tom McClellan "An economist is someone who sees something happen, and then wonders if it would work in theory" - Ronald Reagan "What we see depends mainly on what we look for" - John Lubbock "The eye sees only what the mind is ready to comprehend" - Henri Bergson “Answers are easy; it’s asking the right questions which is hard” - Dr. Who - 1977 "You know the very powerful and the very stupid have one thing in common - they don't alter their views to fit the facts, they alter the facts to fit their views (which can be uncomfortable if you happen to be one of the facts that needs altering)" - Dr. Who - 1977